我国电商企业跨国横向并购财务协同效应分析——以阿里巴巴收购Lazada为例

Financial Synergy Analysis of Cross-border M & A of E-commerce Enterprises in China--Taking Alibaba Acquisition Lazada as an Example

阿里巴巴作为我国电商企业的典型代表,具有极大的研究价值。以阿里巴巴为研究对象,以跨国并购动因中的财务协同效应为理论基础,以我国电商企业跨国横向并购的过程为焦点,选取阿里巴巴2015—2018年的财务数据,在微观层面对其中所涉及的盈利能力、营运能力、偿债能力以及财务发展能力进行分析,运用分层理论加权各个指标的权重,衡量我国电商企业跨国横向并购的财务协同效应问题,全面分析我国电商企业跨国横向并购财务协同效应,这对于类似电商企业进行跨国并购具有借鉴意义。

Alibaba,as a typical representative of e-commerce enterprises in China,has great research value.This paper takes Alibaba as the research object,taking the financial synergy effect in the motivation of cross-border M&A as the theoretical basis,taking the process of cross-border M&A of Chinese e-commerce enterprises as the research object,selects the financial data of Alibaba 2015—2018,analyzes the profitability,operation ability,solvency and financial development ability involved in it at the micro level,and uses the stratified theory to weigh the weights of each index to measure the financial synergy effect of cross-border M&A of Chinese e-commerce enterprises horizontal merger and acquisition financial synergy effect.At the same time for similar e-commerce enterprises cross-border M&A,has reference significance.